Cipher Digital underwent a transformative quarter, rebranding to reflect its shift from bitcoin mining to High-Performance Computing (HPC) infrastructure. The company secured significant financing through $3.73 billion in bond offerings and signed major leases with AWS and Google/Fluidstack. While reporting a GAAP net loss for the year, the company successfully divested non-core mining assets and is on track with its Barber Lake and Black Pearl developments.

Cipher Mining reported strong Q3 2025 revenue and adjusted earnings driven by its bitcoin mining business, while continuing its transition into AI hosting with major deals.

Cipher Mining reported a net loss of $46 million in the second quarter of 2025, or $0.12 per share, but achieved non-GAAP adjusted earnings of $30 million, or $0.08 per diluted share. The company successfully commenced hashing at Black Pearl Phase I ahead of schedule, increasing its total self-mining capacity to approximately 16.8 EH/s, and is on track to reach 23.5 EH/s by the end of Q3 2025. The company is also strategically developing Black Pearl Phase II to support both AI compute and hydro-bitcoin mining.

Cipher Mining reported first quarter 2025 revenue of $49 million, a 16% increase quarter over quarter. The company posted a GAAP net loss of $39 million, but achieved non-GAAP adjusted earnings of $6 million. Key achievements include signing a JV financing partner for Barber Lake and nearing completion of Phase I infrastructure at Black Pearl, with anticipated rig deployment ahead of schedule.

Cipher Mining reported a net earnings of $18 million and adjusted earnings of $51 million for Q4 2024. The company completed the upgrade of its Odessa fleet, increasing its total self-mining hashrate to approximately 13.5 EH/s, and acquired the Stingray data center site.

Cipher Mining reported a net loss of $87 million for Q3 2024, but the adjusted loss was only $3 million. The company completed the acquisition of the Barber Lake and Reveille data center sites and signed option agreements to purchase or lease three additional sites in Texas.